Slide 1: Fourth Quarter Earnings Call
FOURTH QUARTER EARNINGS CALL FEBRUARY 19, 2026
Slide 2: Cautionary statements
Cautionary statements Forward -Looking Statements This presentation contains “forward -looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 , including but not limited to statements about Occidental Petroleum Corporation’s (Oc
Slide 3: Strong operations and improved financial position expected to deliver value
STRONG OPERATIONS AND IMPROVED FINANCIAL POSITION EXPECTED TO DELIVER VALUE Strengthened 2025 operational 2026 plan balance sheet momentum targets >$1.2 B enables enhanced supports highly free cash flow return of capital efficient 2026 plan improvement 2 Reduced principal debt ~$2.5 B in annual Driv
Slide 4: Accelerated debt reduction brings principal debt to ~$15.0 B
Financial Highlights Accelerated debt reduction brings principal debt to ~$15.0 B Debt Reduction Progress, $B $30.0 $13.9 B of debt repaid in 20 months, reducing annual interest expense by ~$740 MM and $28.9 B $8.5 B creating a minimal near -term maturity profile $25.0 $20.0 Annual Debt Maturity Pro
Slide 5: Operational outperformance with lower costs
2025 Operational Highlights Operational outperformance with lower costs Domestic Operating Cost ($/BOE) 1,434 Mboed $575 MM ~17% decrease since 2023 Oil & Gas Capital and Record Annual Production Operating Cost Reduction 8% Increase from 2024 $10.05 vs. Original FY Guide $8.35 FY23 FY25 $550 MM 27 %
Slide 6: Efficiency momentum driving lower costs and resilient FCF
2026 Plan Efficiency momentum driving lower costs and resilient FCF OPERATION ALPRIORITIES COST SAVINGS 2026 plan continues oil & gas cost savings, aiming to EXTENDING RESOURCE INVENTORY deliver ~$2.5 B oil and gas cost savings vs. 2023 1 CONTINUING COST EFFICIENCY CAPITAL REDUCTION Efficiencies and
Slide 7: Aiming to deliver an additional ~$0.5 B in sustainable cost savings in 2026
2026 Plan Aiming to deliver an additional ~$0.5 B in sustainable cost savings in 2026 2025 (vs. 2023) 2026 (vs. 2025) WE EXPECT TO ACHIEVE THIS THROUGH: → Capital efficiency Well Cost → Operating cost reduction → Technology integration F&C Operating & → Midstream optimization Transportation Costs >
Slide 8: Continued efficiency and program allocation enable 8% lower capital
2026 Plan Continued efficiency and program 2025 vs. 2026 allocation enable 8% lower capital $550 MM CAPITAL REDUCTION ~ 1% PRODUCTION GROWTH Annual Capital Allocation Changes, $B $5.5 - $5.9 B $6.23 B Capital Range $200 MM $6.0 $5.7 B ($400 MM) ($100 MM) ($250 MM) $4.0 ~70% cost $300 MM oil & gas sa
Slide 9: Operational efficiencies underpin expected >$1.2 B free cash flow improvement in 2026
2026 Plan Operational efficiencies underpin expected >$1.2 B free >$1.2 B cash flow improvement in 2026 2026 Improvement • Oil & Gas +$300 MM from capital savings and Oil & Gas program allocation, +$200 MM operating cost savings and lower transportation costs • Midstream +$400 MM from crude contract
Slide 10: Fourth Quarter 2025 Results
Financials Reported Production versus Guidance Midpoint Fourth Quarter 2025 Results Reconciliation Mboed PERMIAN Reported Higher uptime and new well outperformance in Delaware +13 Adjusted diluted EPS 1 $0.31 Basin Reported diluted EPS 1 $(0.07) ROCKIES Strong new well performance +10 in DJ Basin CF
Slide 11: 1Q26 and Full Year Guidance
Financials 1Q26 and Full Year Guidance OIL & GAS 1Q26 FY26 2 MIDSTREAM 1Q26 FY26 Total Company Production (Mboed) 1,385 – 1,425 1,420 – 1,480 Pre -tax Income $150 - $250 MM $200 - $400 MM Permian Production (Mboed) 766 - 786 798 - 830 Midland - MEH Spread $ / bbl $0.20 - $0.30 $0.20 - $0.30 Rockies
Slide 12: A Portfolio Designed for Opportunity. A Team Driven to Deliver.
• Competitive, Agile Portfolio with ~16.5 BBOE A Portfolio Designed for Opportunity. A Team Driven to Deliver. • Exceptional Unconventional Well Performance and Cost Efficiency • World Leading EOR and Advanced Recovery Position • Resilient GOA and International Conventional Assetswith Opportunistic
Slide 13: Appendix
APPENDIX 13
Slide 14: Fourth Quarter Highlights
Fourth Quarter Highlights Strong finish to an outstanding year OIL & GAS MIDSTREAM 1,481 Mboed Total Company Production; +$ 172 MM Adjusted Pre - Tax Income Exceeded High End of Guidance Range Outperformance with Lower Costs FINANCIAL STRATEGIC $ $2.7 B Cash Flow From Operations 1 $9.7 B OxyChem Div
Slide 15: 2026 Capital Plan
Financial Information CAPITAL $B 2025 ACTUALS 2026 PLAN 2026 Capital Plan Oil & Gas $5.6 $5.1 - $5.5 Midstream 1 & Corporate $0.6 $0.4 Program updates relative to 2025 spending: Net Capital Expenditures $6.2 $5.5 - $5.9 • U.S. Unconventional spending down ~$400 MM due to continued efficiency gains a
Slide 16: 2026 cash flow priorities
Financial Information FOUNDATIONAL PRIORITIES 2026 cash flow Maintain production base priorities → Preserve asset base integrity and longevity Sustainable and growing dividend Sustain and strengthen our → Through -the -cycle sustainability with long -term growth potential premier asset base to suppo
Slide 17: Diluted Share Count Example
Financial Information Diluted Share Count Example Basic Shares Outstanding + Incremental Diluted Shares = Total Diluted Outstanding Shares → Incremental diluted shares include June 2020 warrants, Berkshire Hathaway warrants, and performance awards → Treasury method assumes proceeds from exercised se
Slide 18: Cash Flow Sensitivities
18 Financial Information Cash Flow Sensitivities OIL & GAS MIDSTREAM & MARKETING → Annualized cash flow changes ~$265 MM per → Annualized cash flow changes ~$55 MM per $1.00 / bbl change in oil prices $0.25 / bbl change in Midland to MEH spread • ~$240 MM per $1.00 / bbl change in WTI • ~35 -day lag
Slide 19: Domestic Onshore Activity Plan Update
Operations Update Domestic Onshore Activity Plan Update Permian 2026 activity Rockies 2026 activity ~$3.1 B Capex ~20 Gross Rigs ~15 Net Rigs 460- 510 ~$0.8 B Capex ~3 Gross Rigs ~3 Net Rigs 150 - 170 Wells Online Wells Online OBO Facilities OBO 100% OBO 100% EOR Base Maint Base Maint TX EOR EOR Del
Slide 20: Midstream & Marketing Guidance Reconciliation
Operations Update Midstream & Marketing Physical midstream & LCV businesses Guidance Reconciliation → 4Q25 income above guidance due to higher sulfur pricing at Al Hosn and timing of LCV 4Q25 Guide 4Q25 Actuals 1Q26 Guide $300 R&D activities; 1Q26 guidance reflects higher expected sulfur prices at A
Slide 21: Well performance leadership in U.S. Onshore
Operations Update Well performance leadership in U.S. Onshore Average 6 -Month Cumulative Oil (Bo / ft.) >10% better than industry across all Oxy Operated U.S. Onshore basins 18 16 + 37% better average +26% 6 -month cumulative +23% 14 production (Boe/ft.) 12 +10% 10 +15% 8 6 4 2 0 DJ Midland Powder
Slide 22: Horn Mountain Waterflood
Operations Update Horn Mountain Waterflood Low F&D, high cash margin driving strong returns Horn Mountain Spar PROJECT HIGHLIGHT S Reservoir • Two injection wells • 40 -50% IRR • Doubles recovery factor; • Initial injection expected 2H27 adds over two decades to • Expected peak production uplift tot
Slide 23: Progressing start-up activities at STRATOS
Operations Update Progressing start - up STRATOS DIRECT AIR CAPTURE FACILITY activities at STRATOS 01 Achievements: → Completed construction for Trains 1 & 2 and Central Processing facilities → Completed wet commissioning with water circulation → Received Class VI permits to sequester CO 2 → Ran CO
Slide 24: Diversified portfolio with 30+ year low-cost resource runway
Resources & Portfolio GOA & International Diversified portfolio with 30+ year low - ~ 16.5 U.S. cost resource runway U.S. Onshore BBOE Unconventional Unconventional • ~88% domestic resource provides Resource EOR operational agility and lower geopolitical risk, complemented by FCF -resilient internat
Slide 25: 2025 Reserves
Resources & Portfolio → >560 MMboe organic reserves additions 2025 Reserves → 154% 3 -year average reserves replacement ratio → $10.28 3 -year average organic F&D cost per BOE 4,612 340 4,603 221 (47) (523) Organic All -In 107% RRR 98% RRR $10.93 F&D $11.52 F&D Year-End 2024 Production Revisions & E
Slide 26: Oxy's Integrated Portfolio
OIL & GAS MIDSTREAM Oxy’s Integrated Portfolio Diversified assets with a Integrated infrastructure and marketing focus on advanced recovery provide access to global markets Permian Unconventional Permian Conventional 31 • 1.5 MM net acres including premier Delaware and Midland • 1.4 MM net acres 1,4
Slide 27: One of the Largest U.S. Acreage Holders
Resources & Portfolio One of the Largest U.S. Acreage Holders 8. 9 MM Net Total U.S. Acres Rockies 0.7 MM Acres Permian 2.9 MM Acres Powder River 0.2 MM 0.5 MM 1.5MM Powder River DJ Basin Unconventional Excludes acreage outside of active operating areas DJ Basin 1.4MM Conventional Other Onshore Gulf
Slide 28: U.S. Onshore Overview
Resources & Portfolio U.S. Onshore Overview 4Q25 Net Production Rockies 0.7 MM Acres Oil NGLs Gas Total (Mbod ) (Mbbld ) (MMcfd ) (Mboed ) Permian 427 213 1,069 818 Rockies & Other Domestic 88 79 700 284 Total 515 292 1,769 1,102 Optimized Advanced Deploy Strategic Permian Development Subsurface + P
Slide 29: Gulf of America Overview
Resources & Portfolio Gulf of America Overview Gulf of America ALABAMA TEXAS MISSISSIPPI 0.8 MM Total Acreage LOUISIANA 4Q25 Net Production Horn Mountain Oil ( Mbod ) 121 Marlin NGLs ( Mbbld ) 10 Holstein Gas ( MMcfd ) 78 Constitution Boomvang Total ( Mboed ) 144 Marco Polo Heidelberg Lucius 29 Note
Slide 30: International Overview
Resources & Portfolio International Overview 4Q25 Net Production UAE 1 Oil NGLs Gas Total 2.5 MM Acres (Mbod ) (Mbbld ) (MMcfd ) (Mboed ) Algeria & Other Int’l. 26 2 15 31 Al Hosn 16 28 285 91 Dolphin 6 8 159 41 Oman 63 - 55 72 Algeria Oman Total 111 38 514 235 0.5 MM Acres 6.0 MM Acres MENA Note: A
Slide 31: Abbreviations and Definitions
Abbreviations and Definitions ABBREVIATIONS B Billion F&C Facilities and Construction MENA Middle East and North Africa BBL Barrel F&D Finding and Development MM Million BBOE Billion Barrels of Oil Equivalent FCF Free Cash Flow MMBTU Million British Thermal Units BE Breakeven FT Foot MMCFD Million C